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You may add the value of fringe benefits to regular wages for a payroll period and figure withholding taxes on the total, or you may withhold federal income tax on the value of the fringe benefits at the optional flat 22% supplemental wage rate.
- Employer's Tax Guide
Publication 15 explains an employer's tax responsibilities...
- Publication 15-T
15) if the 37% mandatory flat rate withholding applies or if...
- Employer's Tax Guide
What you may not know is that the IRS considers bonus pay a form of earnings known as supplemental wages, which is subject to a separate tax withholding table than your regular pay. This guide explains what bonuses are, how the bonus tax rate works, and the steps you can take to reduce the tax impact of this extra income.
23 Οκτ 2024 · The federal bonus tax rate is typically 22%. However, employers could instead combine a bonus with your regular wages as though it’s one of your usual paychecks—with your usual tax amount withheld. There are ways to reduce the tax impact of your bonus.
11 Μαρ 2024 · First and foremost, bonuses are taxed because they are considered taxable income. But the IRS also considers bonuses to be supplemental wages.
10 Μαΐ 2024 · The bonus tax rate is 22% for bonuses under $1 million. If your total bonuses are higher than $1 million, the first $1 million gets taxed at 22%, and every dollar over that gets taxed at 37%.
9 Νοε 2017 · If you receive a bonus of more than $1 million, your employer must withhold 37% of the amount above $1 million, as well as the standard 22% of the amount below $1 million. In short, if you dislike the eye-popping bonuses top executives receive, you can take comfort in knowing how large a bite the IRS takes!
23 Ιαν 2023 · A bonus is always a welcome bump in pay, but it’s taxed differently from regular income. Instead of adding it to your ordinary income and taxing it at your top marginal tax rate, the IRS considers...
